Investment Rating - The report maintains a "Recommended" rating for the company [1][5][6] Core Views - The company is expected to see marginal improvement in performance due to accelerated IDC (Internet Data Center) production, with a projected revenue increase from 7,281.21 million yuan in 2024 to 9,219.53 million yuan in 2027, reflecting a growth rate of 8.47% in 2027 [1][5] - The company's net profit is forecasted to recover from 335.53 million yuan in 2025 to 479.65 million yuan in 2027, with a significant growth rate of 23.16% in 2027 [1][5] - The report highlights the company's strong IDC resource reserves and the increasing demand for high-power, high-density IDC driven by AI development [5][6] Financial Projections - Revenue projections for the company are as follows: - 2024: 7,281.21 million yuan - 2025: 7,754.55 million yuan - 2026: 8,499.82 million yuan - 2027: 9,219.53 million yuan - The expected growth rates for revenue are -7.31% in 2024, 6.50% in 2025, 9.61% in 2026, and 8.47% in 2027 [1][5][8] - Net profit projections are: - 2024: 381.44 million yuan - 2025: 335.53 million yuan - 2026: 389.46 million yuan - 2027: 479.65 million yuan - The growth rates for net profit are -1.68% in 2024, -12.04% in 2025, 16.07% in 2026, and 23.16% in 2027 [1][5][8] Operational Highlights - The company has achieved a significant scale in IDC, exceeding 4,000P, with ongoing projects in Tianjin, Shanghai, and Beijing [5][6] - The company has implemented various energy-saving measures and increased the use of renewable energy, completing green electricity transactions of approximately 200 million kWh, which reduced carbon emissions by nearly 130,000 tons [5][6] - The company plans to continue expanding its IDC resources, with over 230,000 cabinets planned nationwide, and has already deployed 72,000 cabinets [5][6]

Core Viewpoint - The company, Beijing Capital Online Technology Co., Ltd., is implementing a restricted stock incentive plan aimed at enhancing employee motivation and retaining key talent, particularly in a competitive industry environment [4][6][19]. Group 1: Incentive Plan Overview - The restricted stock incentive plan will be managed by the company's Board of Directors' Compensation and Assessment Committee, focusing on the company's actual situation and policy environment in China [3][4]. - The total number of restricted stocks to be granted under this plan does not exceed 3 million shares, accounting for approximately 0.60% of the company's total share capital [7][8]. Group 2: Target Recipients and Allocation - The incentive plan targets directors, senior management, and core technical (business) personnel within the company and its subsidiaries [4][5]. - The initial grant will not include independent directors or shareholders holding more than 5% of the company's shares [5][6]. Group 3: Grant and Vesting Conditions - The vesting of restricted stocks is contingent upon the company meeting specific performance targets, including revenue growth rates of at least 23.20% for 2025 and 41.68% for 2026, based on 2023 figures [17][18]. - The grant price for the restricted stocks is set at 10.98 yuan per share, which is aligned with regulatory requirements [18][23]. Group 4: Compliance and Feasibility - The independent financial advisor confirms that the incentive plan complies with relevant laws and regulations, ensuring that it does not harm the interests of the company and its shareholders [19][21][24]. - The plan includes provisions for adjusting the number of granted stocks in case of corporate actions such as stock splits or dividends [8][9]. Group 5: Financial Implications - The implementation of the incentive plan is expected to have a positive impact on the company's ongoing operational capacity and shareholder equity, as the interests of the incentive recipients will align with those of the shareholders [26].